U.S. SMEs face sustainability challenges due to complex reporting standards and high costs

Posted under: MSME
Date: 2023-11-17
U.S. SMEs face sustainability challenges due to complex reporting standards and high costs

U.S. SMEs are grappling to keep up with the jargon and technical expertise of sustainability reporting and standards, according to Sage, the leader in accounting, financial, HR, and payroll technology for small and mid-sized businesses. A global study of 16,423 SMEs launched today shows that a promising number of businesses want to make progress on their path to sustainability. Path for Growth: Bridging the SME Sustainability Reporting Gap was led by Sage in partnership with ICC, PwC UK, and Strand Partners. With SMEs making up 99% of all U.S. businesses, the report aimed to identify their motivators and roadblocks to becoming more sustainable. As per the report, almost half (45%) of U.S. SMEs describe environmental reporting standards and frameworks as too complex. Reducing barriers could open up new financial avenues, growth, and employment opportunities for SMEs. Sage is calling for simpler reporting frameworks and tech-forward support for SMEs looking to take action.

Read more at: www.globenewswire.com